To purchase a completed home with a closing window of 45 days or less, the deposit is generally between $1,000 to $3,000 depending on Purchase Price and to what level you wish to further customize or add to the home.
For a home already underway but not completed, the deposit will range from 1% to 3% of Purchase Price and varies depending on the time remaining to complete and to what level you wish to further customize the home.
For a fully-customized home building experience, the required deposit varies from 3% to 5% of Purchase Price depending on scope and price.
A few notes on Deposits:
- Deposits are paid at the time the Purchase Agreement is signed and must be funded in full to declare a finished or home underway as "Sold" and off the market or to activate the custom-building process.
- 100% of your Deposit is credited back to you at closing on the Settlement Statement. Your lender will consider the Deposit as its rightful portion of your "Down Payment" per the terms of your loan, or it can be applied towards closing costs and associated closing expenses.
- Deposits are not "earnest money" held in escrow. They are applied towards the construction of the home in compliance with the terms set forth Purchase Agreement.
- Deposits, in some circumstances, are not refundable should you fail to complete the purchase. These terms are set forth in the Purchase Agreement.
If you have concerns about the timing of, or your ability to pay the deposit, please connect with me to discuss your circumstances and whether we might be able to make appropriate arrangements in the interest of still moving forward.